Financial freedom is when you do not need to work to cover your monthly expenses. Most of us expect to achieve this status by the time we reach retirement age, but it does take planning.Unfortunately, many people make no plans and find themselves in dire straits when they are too old to work. Lizl Budhram, the head of advice at Old Mutual Personal Finance, has these tips:You cannot know how much money you need each month until you have drawn up a budget listing all your expenses - from your bond or rent to haircuts; Abolish your debt, starting with the most expensive (the debt with the highest interest rate, usually store cards); Start saving. The sooner you start, the more you can take advantage of compound interest;Try to put together some money for emergencies, so you will not have to go into debt to cover them;Get insurance to protect against loss of income due to death or disability;When you have those bases covered, start saving for short-term goals, like travelling or a n...

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